How is zakat calculated on shares of Saudi REITs (Real Estate Investment Trusts) listed on the Saudi Stock Exchange (Tadawul), held for long-term investment and to acquire the fund's returns, given that fund managers are not obligated to pay zakat on them?

Zakat on real estate shares is divided into two types: First, if the properties are for rent, Zakat is obligatory on the shareholder's portion of the income if it reaches the nisab, and the passing of a year (hawl) is taken into account for it. Second, if the properties are for sale (which is the predominant case), the shares are subject to Zakat as trade goods, by assessing their market value at the completion of the year, and 2.5% of this value becomes obligatory. Scholars have issued a fatwa that if real estate shares are for the purpose of trade, Zakat must be paid on them every year based on their market value. As for investment funds, Zakat becomes obligatory on the investor based on their market value at the completion of the year, because Zakat is not collected on them by the Zakat and Income Authority.